McFarlane Lake Mining Commences Drilling on McMillan Mine Property - Provides Corporate Update

SUDBURY, November 29, 2024 - McFarlane Lake Mining Ltd. (CBOE:MLM) ("McFarlane Lake" or "the Company"), a Canadian gold exploration and development company, today announces that it has commenced drilling on its 100% owned McMillan Mine property located approximately 70 kilometers east of Sudbury, Ontario (See Figure 1).

The property is located on the traditional lands of the First Nation (FN) communities of Atikameksheng Anishnawbek (Whitefish Lake FN), Whitefish River FN, Sagamok Anishnawbek FN and Metis Nation of Ontario.

Figure 1 - McMillan Mine Property Location

The company recently completed a "down the hole" geophysical survey on the property. The company was able to re-open several historical diamond drill holes so that geophysical instrument probes could be placed in the holes. An Induced Polarization ("IP"), and an Electro Magnetic ("EM") geophysical survey was conducted in selected historical holes. McFarlane plans to drill a minimum of 3,000 meters in part to confirm historical gold intersections on the property and then, using data from the recent geophysical surveys, target areas to materially expand the gold mineralization.

Figure 2 shows a long section through the old mine workings and outlines some target drilling areas. Historical drilling intercepts include a 27.9 metre intersection of 6.4 grams per tonne ("gpt") of gold containing 8.1 metres of 15.7 gpt gold.

On September 10, 2024, the company announced a recent sample taken at the site, from what is interpreted to have been historic ore from the McMillan Gold Mine, which returned 87.4 gpt gold, 0.59% copper and anomalous cobalt and nickel (see release Sept 10, 2024). The presence of polymetallic gold-copper mineralization at the McMillan Mine presents an opportunity to add significant value to the property and will be tested during the upcoming drill program.

Figure 2 - McMillan Mine Longitudinal Section - Historic Gold Intercepts and Planned Drilling Target Areas

Corporate Update
Today the Company is also announcing that effective December 1, 2024, the following management and board changes will occur. Brad Boland (CPA, CMA) has joined McFarlane as its Chief Financial Officer. Mr. Boland brings over 25 years of experience at the executive level in the mining industry. He was previously VP of Finance for Goldcorp Inc, VP Controller at Kinross Gold Corp. and CFO at Consolidated Thompson Iron Mines. Mr. Charles (Chuck) Lilly, the Company's current CFO is leaving the company to take on other opportunities. He is also resigning as a member of the board. Mr. Lilly has been with the Company since its founding in 2020. He has steered the company through its Reverse Takeover transaction (public offering) and then onto the CBOE stock exchange in 2022 and presided over subsequent financings in 2023 and 2024 in the public market.

Mark Trevisiol, CEO of McFarlane adds "Chuck has been instrumental in guiding the company from a private startup through to the public domain. We wish him well in his future endeavors.", he adds "having Brad join our team will make seamless the transition of having a new CFO handling our accounting and financial reporting. He has extensive experience in the industry, and we are delighted he has joined the McFarlane team."

In accordance with regulatory requirements, McFarlane has recently filed its year end (August 31,2024) and quarterly financial statements, Management Discussion and Analysis (MD&A) and Annual Information Form (AIF) on sedarplus.com.

For Further Information, Please Contact:
Mark Trevisiol, Chief Executive Officer
McFarlane Lake Mining Limited
info@mcfarlanelakemining.com

Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101.

About McFarlane Lake Mining Limited
McFarlane is a gold exploration company focused on the exploration and development of its portfolio of properties. The past producing McMillan and Mongowin gold properties, located 70 km west of Sudbury, Ontario, the past producing West Hawk Lake property located immediately west of the Ontario-Manitoba border, and the High Lake gold property (click on MLM HL & WHL_P&E Initial MRE Tech Rept_FINAL_2023-07-04.pdf for compliant high grade gold resource statement on High Lake) located east of the Ontario-Manitoba border and 8 km from the West Hawk Lake property. McFarlane also owns the Michaud/Munro mineral property situated 115 km east of Timmins along the so-called "Golden Highway". McFarlane is a "reporting issuer" under applicable securities legislation in the provinces of, British Columbia, Alberta and Ontario.

Additional information on McFarlane can be found by reviewing its profile on SEDAR at www.sedar.com or at on its website at www.mcfarlanelakemining.com.

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including without limitation; anticipated results of geophysical surveys or drilling programs, estimated timing, geological interpretations and potential mineral recovery processes. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Filing Statement dated as of January 14, 2022, which is available for view on SEDAR at www.SEDAR.com Forward-looking statements contained herein are made as of the date of this press release, and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

SOURCE: McFarlane Lake Mining Limited